PGIM Credit, Sr Associate, CMBS Research

pru; Newark (NJ); On-site; USD 90,000 - 130,000; Full time

Job summary

PGIM Credit seeks an experienced CMBS research professional to analyze commercial mortgage-backed securities and related CRE investments. You will work closely with portfolio management to assess collateral, structure, and credit risk, and to contribute to investment decision-making.

The role emphasizes quantitative modeling, data-driven insights, and market surveillance across new issue and secondary markets in a fast-paced environment.

Qualifications

• Bachelors degree required with a focus in finance, economics, mathematics, or a related field.
• 4–7 years of relevant experience in fixed income, securitized products, CMBS, or related research.
• Strong analytical, quantitative, and modeling capabilities and attention to detail.

Responsibilities

• Analyze CMBS transactions across new issue and secondary markets, including collateral characteristics, property-level underwriting, loan structure, sponsor strength, credit enhancement, cash flow stability.
• Develop and maintain internal credit views and relative value assessments for CMBS investments including conduit, SASB, CRE CLO, data center, and agency CMBS.
• Build models and scenario analyses to assess bond performance under various CRE, rate, prepayment, extension, default and recovery assumptions.
• Review transaction documents, offering materials, third-party reports, and legal structures.
• Collaborate with portfolio managers, traders, and other research teams to formulate investment recommendations.

Skills

Analytical skills

Quantitative analysis

Python programming

Power BI

Tableau

Excel

Data visualization

Communication skills

Education

Bachelor's degree

Tools

Power BI

Tableau

Excel

Job description

Job Classification:

Investment Management - Investments

A GLOBAL FIRM WITH A DIVERSE & INCLUSIVE CULTURE

As the Global Asset Management business of Prudential, we're always looking for ways to improve financial services. We're passionate about making a meaningful impact - touching the lives of millions and solving financial challenges in an ever-changing world. We also believe talent is key to achieving our vision and are intentional about building a culture on respect and collaboration. When you join PGIM, you'll unlock a motivating and impactful career - all while growing your skills and advancing your profession at one of the world's leading global asset managers!

If you're not afraid to think differently and challenge the status quo, come and be a part of a dedicated team that's investing in your future by shaping tomorrow today. At PGIM, You Can!

What you can expect:

A research position within the Securitized Products group of PGIM Credit focused on Commercial Mortgage-Backed Securities (\"CMBS\") strategies that will work closely with portfolio management to analyze CMBS and digital infrastructure investments, monitor portfolio positions, and contribute to investment decision-making. Responsibilities include analyzing transaction collateral, assigning and maintaining internal credit ratings, reviewing transaction documentation packages and third-party reports, conducting surveillance on existing investments, and evaluating relative value opportunities across new issue and secondary markets. The role also involves assessing commercial real estate fundamentals, property-level performance trends, borrower and sponsor considerations, regulatory and legislative developments, and broader sector themes that may affect credit risk and portfolio positioning. The candidate will collaborate with internal teams and external market participants, including investment banks, issuers, rating agencies, servicers, trustees, and other due diligence providers, to support transaction execution and ongoing market insight.

What you will do:

• Analyze CMBS transactions across new issue and secondary markets, including collateral characteristics, property-level underwriting, loan structure, sponsor strength, credit enhancement, cash flow stability, and structural features.
• Develop and maintain internal credit views and relative value assessments for CMBS investments, including conduit, SASB, CRE CLO, data center, agency CMBS, and other commercial real estate securitized products.
• Build and maintain models, scenario analyses, and visualization tools to assess bond performance under varying commercial real estate, interest rate, prepayment, extension, default, loss severity, and recovery assumptions.
• Assign and maintain internal credit ratings and monitor rating stability, credit migration risk, cash flow volatility, collateral performance, portfolio positioning, and trading opportunities.
• Review transaction documents, offering materials, third-party reports, legal structures, representations and warranties, control rights, triggers, servicing standards, and other deal-specific considerations.
• Monitor portfolio holdings and market developments, identifying changes in commercial real estate fundamentals, property sector trends, sponsor or borrower behavior, financing conditions, and regulatory or legislative developments that may affect risk and return.
• Partner with portfolio managers, traders, and other research teams to formulate investment recommendations and contribute to CMBS strategy, portfolio construction, and relative value discussions.
• Engage with issuers, dealers, servicers, rating agencies, trustees, and other market participants to deepen market insight, source opportunities, and support transaction execution.
• Contribute to internal presentations and client-facing materials on CMBS market themes, commercial real estate trends, investment recommendations, and portfolio positioning.

What you will bring:

Bachelor's degree required

• 4-7 years of relevant experience in fixed income, securitized products, commercial real estate finance, digital infrastructure, or securitized products research, with meaningful exposure to CMBS or commercial mortgage collateral.
• Strong analytical and quantitative skills, including solid capabilities in fixed income mathematics, credit analysis, cash flow analysis, and scenario modeling.
• Programming and data visualization skills are preferred, including Python, Power BI, Tableau, or similar tools.
• Exposure to CMBS collateral, commercial real estate fundamentals, securitization structures, transaction documentation, loan underwriting, and key drivers of CMBS performance.
• Proficiency in Excel and experience working with large datasets.
• Strong attention to detail and ability to manage multiple assignments in a fast-paced, high-intensity environment.
• Excellent communication and presentation skills, with the ability to articulate investment views clearly to portfolio managers, trad